Overview

Mandatory personal accident (PA) insurance for UCL customers is a strategic step to improve consumer protection, streamline loan operations, and offer comprehensive financial solutions. This HDFC ERGO General Insurance Company Limited coverage provides a default sum assured of INR 500,000 based on the loan tenure. The integration of PA insurance into loan application and management systems will benefit both clients and the institution.

Objectives

A highly efficient ECG atlas viewer is available on a moderately big screen. However, the big screen is not always accessible. Doctors want the efficiency of the web viewer and accessibility of the mobile application.

1. Enhance Customer Protection: Ensure all UCL customers are covered by PA insurance, offering financial security in the event of accidental injury or death.
2. Streamline Processes: Integrate PA insurance details seamlessly into existing systems (SFDC, Ops Central, and Pennant) to reduce manual efforts and potential errors.
3. Improve User Experience: Provide a clear, intuitive interface for customers to view PA insurance details and opt-in or opt-out easily.
4. Ensure Scalability: Design a flexible system capable of accommodating future partnerships with multiple insurance providers and expanding to other loan products.
5. Maintain Compliance: Ensure all regulatory requirements are met and accurately documented, maintaining transparency and trust.

Actors Involved

• UCL Customers: Primary users who will be offered Personal Accident insurance.
• Primary Applicant: Default insured person, configurable to other applicants.
• Co-applicant(s): Other possible insured persons.

Insurance Industry Overview

• The insurance industry in India is experiencing significant growth, driven by increased awareness and regulatory support. The general insurance segment, which includes PA insurance, is expanding as more individuals recognize the need for financial protection against unforeseen events.
• The Insurance Regulatory and Development Authority of India (IRDAI) has been promoting the inclusion of insurance products in financial services to enhance consumer protection.